Welcome to your Ch 21: Input Tax Credit (51 to 55)
51. supplies, which of the statement is true?
52. Mr. A applies for new registration within 30 days of becoming liable for registration. As per rule 40 he shall be entitled to take credit of input tax in respect of … ….. held in stock and on the day immediately preceding the date from which he becomes liable to pay tax under the provisions of this Act. He shall file declaration in FORM ……….
53. Examine the following statements
(i) In case of compulsory registration who applies for registration within 30 days, the input tax credit can be availed on the stocks held immediately preceding the date from which he becomes liable to pay tax.
(ii) In case of voluntary registration, the input tax credit can be availed on the stocks held immediately preceding the date of grant of registration.
54. Examine the following statements
(i) In case of compulsory registration who applies for registration after 30 days, the input tax credit can be availed on the stocks held immediately preceding the date from which he becomes liable to pay tax.
(ii) In case of voluntary registration, the input tax credit can be availed on the capital goods held immediately preceding the date of grant of registration.
55. Mr. B, registered person was paying tax under composition rate upto 30th July. However, w.e.f. 31st July. Mr. B becomes liable to pay tax under regular scheme. Mr. B is eligible for input tax credit on …………. as on closure of business hours on 30th July.
